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Amaya’s interim CEO replaces co-founder

By The Canadian Press

Fri., Aug. 12, 2016

MONTREAL - The Amaya online gaming company is reporting a big jump in profit as well as a permanent replacement for its former chief executive officer, who stepped aside early this year in order to deal with charges laid by Quebec’s securities regulator.

The Montreal-based company says the CEO’s post is going permanently to Rafi Ashkenazi, who has held the position on an interim basis since March.

He succeeds David Baazov — a co-founder of Amaya, which became a prominent global player in online gaming after it purchased PokerStars under Baazov’s leadership.

Amaya says Baazov resigned all his positions with the company on Thursday.

It also announced a big jump in net earnings from continuing operations, as well as 24.5 per cent higher adjusted earnings and a 10 per cent increase in revenue — all reported in U.S. currency.

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Amaya’s adjusted earnings rose to $89.7 million or 46 cents per share from $72.1 million or 36 cents per share.

Net earnings from continuing operations more than tripled to $22.5 million from $6.4 million, with earnings per share rising to 12 cents from three cents.

Revenue rose to $285.9 million in the quarter, from $259.5 million in the comparable period last year.

Amaya’s brands include PokerStars, Full Tilt and others that claim a total of 103 million registered customers.

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